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Timing of HUD Financing and Reporting Requirements

Apr 07, 2017 07:07AM MDT

I have a client that will be closing on a HUD backed mortgage shortly before their year-end. Is there any time window in which an audit under HUD reporting requirements wouldn't be necessary and a standard GAAS audit would allowable - ie, if the agreement closes 30 days prior to year-end, a standard GAAS audit is ok?
Thanks!

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Les Sparks AHACPA Apr 10, 2017

Christine, HUD’s rules indicate that an audit may be deferred up to 120 days with a request. They allow the last 120 days of a year to go into the next year. Further they allow a sale in the first 4 months to be included in the prior year.

All of this is done online through the “Administrative Functions” menu item in REAC. The approvals are generally automatic.

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